Special thanks to @yousafharoonkhan for teaching me about decentralized and how it operate, the lecture was straight to the point and effective.
Today I will be answering the assignment given by my lecture that is based on DECENTRALIZATION.
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QUESTION 1.
DEFINE DECENTRALIZATION ?
Decentralization can be defined as a system were every user is entitled to freedom of expression, authority to carry out their personal decision and empowered to control his/her business according to their likeness.
One of the unique things about decentralization is that freedom runs from the top to the buttom which simply means regardless of your rank, the same authority given to the top level is also passed down to the buttom level.
Decentralization offers free control to their users were no one is accountable to anyone.
Before I move into the next question, I want to make it clear that as long as Decentralization exist there is also a different system which is quite the opposite called Centralization.
Centralization is the complete opposite of Decentralization as I have said earlier.
In Centralization the power, authority and control are all channeled to the Central nerve/body.
In Centralization every user/individual under the system is being implied to follow the rules set down by the Central body.
QUESTION 2.
DESCRIBE THE ADVANTAGES AND DISADVANTAGES OF A DECENTRALIZED SYSTEM ?
A Decentralized system comes with it's advantages and disadvantages, these can serve as Note for users to be aware about the disadvantages of the system and benefits.
ADVANTAGES:
1.FREEDOM: In a Decentralized system, Freedom of expression is permitted to users were no restriction or bounds are placed on the users on how to run their businesses.
They have the full right and authority to do as they please to the system.
2.FAIRNESS: In a Decentralized system, Fairness is observed as the transfer/flow of power runs from the top to the buttom.
This advantage is quite unique were no one feel left out or disqualified, everyone is connected to the system regardless of their levels.
3.TRANSPARENCY: In a Decentralized system, Transparency is upheld as the transfer of funds is visible on the system and can always be checked to confirm how much was transferred and where.
4.INDEPENDENT: For a system that gives it users Freedom surely Independent can be found.
Every user is independent were there is no central body to control them, the central body has no part to play in a Decentralized system.
5.PROTECTION: In a Decentralized system, Data are protected and secured from hackers, which means safety is guaranteed in a Decentralized system.
DISADVANTAGES.
1.INCREASE OF CRIME RATE: in a Decentralized system, series of crime can be committed through the transfer of illegal funds that is not known to the system due to no restriction and no set down rules made to stop the transfer.
It is quite difficult to get a user using the system for illegal means.
2.HIGH FUNDS TO ESTABLISH: In a Decentralized system, high capital is required to launch a Decentralized system, launching, managing and controlling a Decentralized system comes with alot of funds to spent to make the system work well.
3.INABILITY TO GET FUNDS BACK: In a Decentralized system, funds transfer to the wrong account is quite impossible to get back.
Which is very important to apply your information properly because of the Inability to get your funds back from a receiver you don't know or have no way to contact.
4.EXPERTISE NEEDED: To run a Decentralized system requires professional work from expert to ensure the smooth running in the system.
In addition training of experts is needed to make them aware of the systems' complexities and how to solve problems when it arise.
QUESTION 3.
IN WHAT AREA OF YOUR LIFE CAN A DECENTRALIZED BLOCK CHAIN BE HELPFUL ?
1.LAND REVENUE: Nowadays many lands are seized by powerful people which tense to provide false documents but in a Decentralized system land revenue blockchain can be used to prevent fraud, also all the valid land record can be recorded on Decentralized system making it easy to be aware of any fraud that may come your way for your land.
2.HEALTH SECTOR: A Decentralized system keeps record related to health, the system can store can store a complete data of the patient's sickness without any error found.
3.POLITICS AND ELECTION: Malpractice is quite common in election to get rid of such practice election being held on the block chain is a helpful way to have a free and fair election.
CONCLUSION.
A Decentralized system is a good system that favour it's user with freedom of expression but comes with some disadvantages but regardless of the disadvantages, ways by which the system can be of help are at numbered in terms of socialwise, economic growth and financial security.
This is my assignment @yousafharoonkhan, Thank you so much for the lecture.
Hi @ammyy, Thank you for taking interest in the 2nd Task of the Beginners Fixed Class. Your grades are as follows:
My Review and Suggestions:
You have completed the task.
You didn't put the questions you choose at the beginning of the article.
The discussion you made on sectors that are suitable for decentralization is too general, try to find other sectors.
Vary headers and sub-headers to make them look more attractive.
Improve your writing skills even more by studying "Markdown Style Guide".
Pay attention to all the rules, and guidelines before making a homework.
Thank you!
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Thank you for the review Prof
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